Louisiana Education Loan Authority

What Louisiana Education Loan Authority does

Louisiana Education Loan Authority (Lela) is a nonprofit public trust and division of the Louisiana Public Facilities Authority (LPFA) that provides supplemental higher-education financing to Louisiana students and families. Founded in 1984 under a state charter originally established in 1974, Lela operates exclusively within Louisiana and targets three primary consumer segments: undergraduate students, graduate students, and parents of students who need financing beyond federal loans and grants. The organization has cumulatively assisted over 465,000 families, awarded $418,750 in scholarships, distributed 282,000+ FAFSA completion guides, and claims to have saved students $23M+ through upfront fee payments with $250M+ in potential repayment-stage incentives.

Lela's product portfolio is anchored by LelaCHOICE, a supplemental education loan product offering fixed APRs of 2.70%-7.00% with auto-pay (2.95%-7.12% without) for undergraduates, graduates, and parents, with no-cosigner options for graduate borrowers. The LelaRefiHELP product provides student loan refinancing for existing borrowers seeking lower rates. The AskLela outreach division delivers free FAFSA completion assistance and college planning resources as a top-of-funnel engagement channel. The underlying technology is a web-based loan application and servicing platform with self-service pre-qualification (rate estimates without credit-score impact), online account management, and integration with third-party loan servicers Aspire Servicing Center and HESC (which absorbed legacy Edfinancial-serviced accounts). No AI or ML capabilities are evident; the technology stack emphasizes ease-of-use implementation rather than proprietary data or model assets.

Lela generates revenue primarily through interest income on its supplemental loan portfolio, priced on a subscription-style monthly repayment cadence with auto-debit discounts. The go-to-market motion is direct-to-consumer, leveraging the lela.org website, AskLela community outreach, financial aid workshops, social media, and email newsletters, with referrals from the Louisiana Office of Student Financial Assistance (LOSFA) supplementing top-of-funnel activity. As a nonprofit public trust under LPFA, Lela is not venture-backed, does not publicly disclose revenue, and reinvests surpluses into its education access mission rather than distributing returns to equity holders.

Name

Louisiana Education Loan Authority

Legal name

Louisiana Education Loan Authority

Website

https://lela.org

Company type

Private

Founded year

1984

Operating status

Operating

Short description

Louisiana Education Loan Authority (Lela) is a nonprofit public trust providing supplemental higher-education loans, refinancing, and free FAFSA assistance exclusively to Louisiana students, graduates, and parents since 1984.

Ownership category

akta.pro rank

Product category

Student Lending

NAICS

Educational Support Services (611710)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Education Line of Credit (Education LOC) (FSAKAEAH)

akta.pro secondary industry

Student Loan Programs & Servicers (Public/Nonprofit) (EDADAHAE)

Keywords

• Student lending
• Supplemental education loans
• Education loan refinancing
• FAFSA assistance
• Nonprofit education financing

Headquarters

HQ city

Baton Rouge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Supplemental Education Loans (LelaCHOICE): Provides low-cost supplemental loans for undergraduates, graduates, and parents. Revenue generated through interest on loans. Positioned as nonprofit with better rates than private alternatives.
2. Education Loan Refinancing (LelaRefiHELP): Student loan refinancing product allowing borrowers to potentially lower interest rates and save money over repayment term

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Louisiana Education Loan Authority (Lela) is a nonprofit public trust that provides low-cost supplemental education loans and loan refinancing to Louisiana students, graduates, and parents. It offers the LelaCHOICE supplemental loan program with APRs of 2.70%-7.00% (with auto-pay), the LelaRefiHelp education loan refinancing program, and free FAFSA completion support through its AskLela outreach division.

Product overview

Louisiana Education Loan Authority (Lela) operates as a nonprofit student loan lender offering supplemental education financing through its core LelaCHOICE loan program for undergraduates, graduates, and parents. The organization also provides refinancing options via LelaRefiHelp and supports college access through its AskLela outreach division offering free FAFSA assistance. LelaCHOICE offers fixed-rate loans with APRs ranging from 2.70% to 7.00% with auto-debit discounts, and loan servicing is handled by Aspire Servicing Center.

Differentiator

Problem solved

Functional benefit

Brands

• LelaCHOICE: Supplemental education loan program offering better rates and options for undergraduates, graduates, and parents. Rates range from 2.70% to 7.00% APR with auto-pay.
• LelaRefiHelp
• AskLela

Products and services

• LelaCHOICE Supplemental Education Loans Nonprofit supplemental education loan program offering fixed-rate loans for undergraduates, graduates, and parents with APRs from 2.70% to 7.00% with auto-pay enrollment. A 0.25% rate reduction is provided for auto-debit enrollment; rates without auto-debit range from 2.95% to 7.12% APR. Graduate students may qualify without a cosigner.
• LelaRefiHELP Education Loan Refinancing Education loan refinancing product for existing student loan borrowers seeking to potentially lower their interest rates or reduce monthly payments over the repayment term.
• AskLela Outreach and FAFSA Assistance Free outreach service offering FAFSA completion assistance, college planning guides, and access to the FAFSA HELPline at (844) GO FAFSA for Louisiana students and families.

Quantifiable outcome

• Assisted over 465,000 families across Louisiana
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Aspire Servicing CentercoreTechnology or IntegrationLoan servicing partner providing billing and customer service for LelaCHOICE loans. Handles day-to-day loan management including payment processing and account inquiries.
• HESC (formerly Edfinancial)coreTechnology or IntegrationTransfer destination for loan servicing, announced for former Edfinancial accounts transitioning to HESC for loan servicing.
• Louisiana Public Facilities Authority (LPFA)coreStrategic or Co-development PartnerLela is a division of LPFA, a nonprofit public trust established to bring financing assistance to Louisiana. LPFA has issued over $28 billion in bonds to finance projects generating 327,110+ jobs in Louisiana.
• LOSFA (Louisiana Office of Student Financial Assistance)minorStrategic or Co-development PartnerLouisiana state agency referenced as a source for how students hear about Lela services, indicating collaborative relationship for serving Louisiana students.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Discover Student Loans: National private student loan product with cash-back and rewards features. Competes with LelaCHOICE in the supplemental undergraduate, graduate, and parent loan segments.
• SoFi: National online lender offering student loan refinancing and private student loans at scale. Overlaps with LelaRefiHelp and LelaCHOICE but at much broader scale and with a stronger digital brand.
• Sallie Mae: Largest U.S. private student loan originator with broad national reach and a well-known brand. Overlaps with LelaCHOICE across the supplemental private loan category.
• College Ave Student Loans: National online private student loan provider covering undergrad, grad, and parent loans. Competes with LelaCHOICE for supplemental loan demand beyond federal aid.
• Earnest (part of Navient Solutions): National fintech lender specializing in student loan refinancing and private student loans. Direct competitor in the refi space where LelaRefiHelp operates.

Direct peers

• Rhode Island Student Loan Authority: State-chartered nonprofit providing supplemental education loans and refinancing to Rhode Island residents. Comparable in charter type, geographic confinement, and product mix to Lela.
• MEFA (Massachusetts Educational Financing Authority): State-authorized nonprofit that provides supplemental education loans and refinancing to Massachusetts students and families. Closest comparable to Lela in structure (state nonprofit authority, supplemental + refi products, mission-driven).
• PHEAA / PA Forward: Pennsylvania Higher Education Assistance Agency is a state-affiliated student aid authority offering supplemental loans and loan servicing. Structurally analogous to Lela as a state nonprofit education finance entity.
• Iowa Student Loan: Iowa-based nonprofit student loan provider offering supplemental and refinancing products. Operates with similar mission, product set, and regulatory positioning to Lela.
• VSAC (Vermont Student Assistance Corporation): Vermont nonprofit providing education loans, grants, and outreach/counseling services. Closely mirrors Lela's combination of lending + free FAFSA/counseling outreach.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/asklela
• Facebookfacebook.com/askLela
• LinkedInlinkedin.com/company/louisiana-education-loan-authority
• Instagraminstagram.com/lelacollegeresources

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Louisiana Education Loan Authority